Is there New Physics in B Decays ?

Rare decays of the $B$ meson are sensitive to new physics effects. Several experimental results on these decays have been difficult to understand within the standard model (SM) though more precise measurements and a better understanding of SM theory predictions are needed before any firm conclusions can be drawn. In this talk we try to understand the present data assuming the presence of new physics. We find that the data points to new physics of an extended Higgs sector and we present a two higgs doublet model with a 2-3 flavor symmetry in the down type quark sector that can explain the deviations from standard model reported in several rare B decays.